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Les Mills International
Les Mills International
Les Mills International
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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Battle for Virgin Active: restructure 'still possible'

Virgin Active is trying to secure a restructuring plan
Investors in the company are understood to be ready to provide a £60m+ funding injection
Investment would need to be accompanied by a "wide-ranging" restructure
Restructuring plans are being rejected by some creditors
Virgin will go into administration if a deal isn't agreed by May
Number of operators would look to pick up sites from administrators

A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.

Investors are understood to be ready to provide a £60m+ funding injection into the fitness operator, in a bid to secure its future.

Any fresh investment, however, would need to be accompanied by a "wide-ranging" restructure of the business.

Virgin Active is 80 per cent owned by Brait – the investment group of former billionaire, Christo Wiese – which bought its stake from Richard Branson's Virgin Group and investor CVC in April 2015, leaving Branson with 20 per cent and valuing the business at £1.3bn.

HCM understands that a restructuring plan is still the favoured option for the company's backers and that a number of unviable sites have already been identified for disposal. Virgin Active had 243 health clubs globally prior to the pandemic (at the end of 2019) with 42 in the UK.

According to industry sources, Virgin Active's creditors – including some landlords – have been unwilling to agree to a restructuring deal.

Speaking to HCM, those close to the matter said Virgin Active is hoping to complete the rescue deal in late April and the company is not ruling out legal action to "bring landlords into line".

Time is of the essence for Virgin, as gyms in England are set to reopen on 12 April.

It is believed that, should the company owners fail to secure a restructuring deal by May, there is a real possibility of the company going into administration.

This would then lead to a winding up of the company and a sale of its assets.

HCM has learned that, should this happen, there are a number of operators looking to pick up sites from administrators as going concerns.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.
HAF,FIT,IND,PTS
2021/THUMB347345_325224_407293.jpg
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News

Battle for Virgin Active: restructure 'still possible'

Virgin Active is trying to secure a restructuring plan
Investors in the company are understood to be ready to provide a £60m+ funding injection
Investment would need to be accompanied by a "wide-ranging" restructure
Restructuring plans are being rejected by some creditors
Virgin will go into administration if a deal isn't agreed by May
Number of operators would look to pick up sites from administrators

A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.

Investors are understood to be ready to provide a £60m+ funding injection into the fitness operator, in a bid to secure its future.

Any fresh investment, however, would need to be accompanied by a "wide-ranging" restructure of the business.

Virgin Active is 80 per cent owned by Brait – the investment group of former billionaire, Christo Wiese – which bought its stake from Richard Branson's Virgin Group and investor CVC in April 2015, leaving Branson with 20 per cent and valuing the business at £1.3bn.

HCM understands that a restructuring plan is still the favoured option for the company's backers and that a number of unviable sites have already been identified for disposal. Virgin Active had 243 health clubs globally prior to the pandemic (at the end of 2019) with 42 in the UK.

According to industry sources, Virgin Active's creditors – including some landlords – have been unwilling to agree to a restructuring deal.

Speaking to HCM, those close to the matter said Virgin Active is hoping to complete the rescue deal in late April and the company is not ruling out legal action to "bring landlords into line".

Time is of the essence for Virgin, as gyms in England are set to reopen on 12 April.

It is believed that, should the company owners fail to secure a restructuring deal by May, there is a real possibility of the company going into administration.

This would then lead to a winding up of the company and a sale of its assets.

HCM has learned that, should this happen, there are a number of operators looking to pick up sites from administrators as going concerns.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.
HAF,FIT,IND,PTS
2021/THUMB347345_325224_407293.jpg

News

Boxing-inspired fitness operator Rumble has signed a master franchise agreement in Australia, which could see
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Swim England has warned that 2,000 swimming pools could be lost forever unless the government
Sports Minister, Nigel Huddleston, has joined gym-goers this morning to kick-off the annual National Fitness
Miha Bodytec GmbH
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Peloton has completed the merging of its commercial operations with Precor, the equipment brand it
Half of UK adults aren't happy with their physical fitness levels, according to a study
Temporary measures brought in to support businesses in the UK from insolvency during the pandemic
Nadine Dorries has replaced Oliver Dowden as the Secretary of State for Digital, Media, Culture
Innovatise UK Ltd
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The best in class of the physical activity sector have been revealed at the ukactive
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Fitness equipment giant Nautilus has acquired VAY, a firm specialising in AI and motion technology.
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Life Fitness (UK) Ltd
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Dr Davina Deniszczyc talks us through the findings of the first Nuffield Healthier Nation Index, which has benchmarked activity levels and attitudes to exercise among the UK population
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HCM people

David Beckham

Global partner, F45
This partnership with F45 is an exciting business venture for me
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Featured supplier news
Featured supplier news: Life Fitness introduces Integrity SL, the next generation LED console
Life Fitness has unveiled the new Integrity SL, its connected LED console designed for the Integrity Series cardio portfolio.
Featured supplier news
Featured supplier news: Technogym awarded “Supplier of the year” at ukactive awards 2021
The best in class of the physical activity sector have been revealed at the ukactive Awards 2021.
Featured operator news
Featured operator news: Being active helps Parkwood Leisure customers save the NHS £16m
Parkwood Leisure, one of the UK’s leading public leisure facilities operators, helped prevent more than 7,000 cases of stroke, dementia, depression and type 2 diabetes in 2019, saving the NHS £16 million, a new social value report has shown.
Featured operator news
Featured operator news: Everyone Active generates £342m in social value
Award-winning leisure operator Everyone Active generated £342million in social value at its sites across the country in 2019/20.
Company profiles
Company profile: TVS Group
The TVS Group supply and install sports and fitness flooring to a wide range of ...
Company profiles
Company profile: Mediana Co., Ltd.
Mediana specialises in the manufacture of medical and health care devices, such as body composition ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Architects/designers
Zynk Design Consultants: Architects/designers
Wearable technology solutions
MyZone: Wearable technology solutions
Skincare
Sothys: Skincare
Lockers/interior design
Safe Space Lockers Ltd: Lockers/interior design
Salt therapy products
Saltability: Salt therapy products
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
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Property & Tenders
Welwyn Garden City
Welwyn Hatfield Borough Council
Property & Tenders
Newport, Shropshire
Lilleshall Sports Academy
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Diary dates
13-14 Oct 2021
Online,
Diary dates
01-03 Feb 2022
Coventry Building Society Arena, Coventry, United Kingdom
Diary dates
07-10 Apr 2022
Exhibition Centre , Cologne, Germany
Diary dates
15-16 Jun 2022
ExCeL London, London, United Kingdom
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates
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Les Mills International
Les Mills International